Whatever Happened To Pashion Footwear After Shark Tank?
High heels may look fun to wear, but ask anyone who's donned this formal and fashionable style of footwear and they'll tell you a different story. As societal norms for women continue to evolve, one entrepreneur hopes to challenge pre-conceived notions of what high heels can be with her company Pashion Footwear. Pashion's flagship item is a convertible high heel that can be easily transformed into a flat shoe by twisting and removing the heel.
Founder Haley Pavone came up with Pashion Footwear after an unfortunate college incident. While out at a party one night, Pavone took off her heels so she could dance. As she was dancing, another woman accidentally stepped on her foot, driving her own heel clean through Pavone's toe. The painful injury inspired Pavone to find a solution that would allow her to dress fancily but still have an option for comfort. Working alongside expert shoe and industrial designers, Pavone perfected her concept and Pashion Footwear was born. She successfully raised $1.7 million from investor seed rounds, which allowed her to launch her product in 2019.
Things began looking up for the company even as the world entered troubling times. Pashion's sales rose 160% in 2020 while similar brands struggled during the COVID-19 pandemic. The following year saw an even greater opportunity come Pavone's way as she was one of the lucky entrepreneurs to appear on the hit ABC series "Shark Tank."
What happened to Pashion Footwear on Shark Tank?
Haley Pavone enters the tank seeking a $500,000 investment for 5% of her shoe brand, Pashion Footwear. As the sharks try out their samples, Pavone explains that what makes Pashion different from other removable heel products is that you can take the sole support out alongside the heel.
In a little over a year, the company has made $800,000 with $500,000 in net profits. Pashion is currently run entirely online and has found success through strategic digital marketing and positive word-of-mouth, Pavone explains. The sharks are initially impressed with Pavone's figures and the fact that she raised $2.5 million on convertible notes. However, some of the details of her business raise alarm bells. With only $250,000 in the bank and a monthly burn rate of $90,000, the investors predict that she will be out of cash within three months. Pavone states that she's been in a similar predicament before when her company was $80,000 in debt and managed to close a $1 million deal before time ran out.
Kevin O'Leary offers $500,000 for 5% but wants $5 per shoe sold until he makes back double his investment. Pavone is skeptical but no other sharks are willing to go in, with most complaints aimed toward the company's current financial predicament and the amount of equity. Pavone makes several attempts to negotiate with O'Leary to lower the royalty amount, but the shark doesn't budge. In the end, she chooses not to take his offer.
Pashion Footwear after Shark Tank
Turning down an offer on "Shark Tank" was a bitter blow for Haley Pavone. A longtime fan of the series, getting on "Shark Tank" was a dream come true for the entrepreneur. However, she ultimately knew that taking Kevin O'Leary's royalty deal and giving away $1 million that could go toward growing the company would ultimately be a poor move.
Thankfully, "Shark Tank" paid off for Pavone in different ways. Like other businesses that appear on the show, Pashion Footwear experienced the "Shark Tank" effect after its episode aired on February 19, 2021. More impactful than new sales and website visits, however, was the awareness that Pavone's segment brought to this emerging category. "Our biggest obstacle was always that no one knew convertible high heels existed," she shared in an interview with Quotable Media Co. "'Shark Tank' was our catalyst. The exposure lit a fire under our word of mouth, and our sales have skyrocketed as a result. We've grown an average of 55% month over month since airing. It's been a dream come true."
Additionally, Pavone was able to raise more than $1 million in capital without the need for any royalties, which allowed Pashion to grow its full-time staff and daily sales. In March 2023, Pashion Footwear launched a public investment round on StartEngine, raising over $100,000 within 24 hours. The end of the campaign brought in over $480,000 raised from 517 investors.
Is Pashion Footwear still in business?
Pashion Footwear's line of convertible high heel shoes can be found on the company's website. Its variety of shoes ranges from leather and suede options to rhinestone knits and knee-high boots. Pashion also allows buyers to customize and accessorize their shoes with items such as rhinestone buckles, gold chains, bows, and more.
The brand itself has received a mixed reception from customers. Its website sports a high rating average, with many buyers praising Pashion's wide array of styles and ease of use. However, while many reviewers like the high-heel function, the shoes' toes continue to point up once they are made flat, making them an odd fit compared to typical flats. Additionally, users with wide feet have complained that the company doesn't carry options that work for them.
Nevertheless, Pashion Footwear and its intrepid founder continue to find success. Pashion has a strong following across its social media platforms, particularly TikTok and Instagram. Founder Haley Pavone has been featured on both Forbes' 2021 Next 1000 and 2022 30 Under 30 lists.
What's next for Pashion Footwear?
Haley Pavone's simple solution to tackling an age-old issue has grown into a booming business. With a strong following and an ever-growing lineup of items, the company has more than proven its worth in the aftermath of "Shark Tank." While most entrepreneurs would be satisfied with the success that Pashion Footwear has experienced, it seems that the team is just getting warmed up.
2023 proved to be a stellar year for Pashion. Along with expanding its customization options and beginning to make its mark in the world of bridal events, the company also achieved a profitability rate that exceeded industry standards. But Pavone isn't satisfied until Pashion leaves its footprint on the world, telling Quotable Media Co., "I firmly believe convertible high heels are the future of women's footwear, period. 10 years from now, I see Pashion as a global household name with convertible heels being worn more frequently than our non-convertible counterparts. I see a full shoe line with sandals, pumps, slides, boots, different shapes and heights of blocks, stilettos, you name it. Essentially, I see us being as big as a Steve Madden or a Stuart Weitzman — just convertible."
More than anything, Pavone is driven to have Pashion Footwear become a brand synonymous with the achievements of women everywhere. "We believe that practical fashion should be attainable for every woman," she said in a company YouTube video. "After all, women do it all and it's about time their shoes do too." If Pashion's current rate of success is any indicator, then Pavone and company are taking steps in the right direction.